Surviving the close link to the FTX fiasco, Solana makes a stronger comeback and proves that “What doesn’t kill you only makes you stronger.” The SOL price gives more than four times the return than Bitcoin, so the investors seem more confident than ever.
Source – Tradingview
Further, at a time when the FTX’s SOL holding is liquidated, the market absorbs the supply impressively as the vesting schedule ends. Further, the ongoing uptrend crosses the psychological mark of $50, and the Solana price prediction maintains a target of $100.
Solana Price Analysis
Creating a rounding bottom pattern in the 1W chart, the SOL price trend reflects a solid trend reversal. Further, Solana prices have increased by 168% over the last five weeks and teases a bullish breakout of the rounding bottom.
Source – Tradingview
Currently, the SOL price trades at $58.89 with an intraday growth of 3.91%, forming a bullish engulfing candle. Supporting the bullish turnaround, the increasing trend in the trading volumes over the weeks reflects a sharp hike in underlying demand.
Technical Indicators:
RSI: The daily RSI line enters the overbought territory and sustains a positive trend, highlighting a strong bullish trend.
EMA: The bullish crossover between the 50D and 200D EMA marks a golden crossover event. This certifies the ongoing trend reversal and improves the overall sentiment around Solana.
Will the SOL Price Cross $100?
As the uptrend gains momentum and the overall market recovery continues, the chances of the SOL price crossing the $100 mark increase significantly. Moreover, the boost in trading volume increases the uptrend in SOL price possibility above $50.
Considering the buyers’ manage to sustain trend momentum, the bullish rally can surpass the $60 mark to test $75. In the longer term, the uptrend can reach $100.
Conversely, a downside reversal under the $50 mark can drop the prices to $40.
